Overview of Molybdenum (Mo) Market Size & Future Outlook
According to the latest report by MarkNtel Advisors, the Global Molybdenum (Mo) Market size is estimated to grow at a CAGR of around 3.92% from 2024-2030. This report is designed to enhance user understanding and support informed decision-making by thoroughly analyzing key market shifts, identifying gaps, exploring emerging opportunities, and assessing industry trends and competitive challenges. By combining both qualitative and quantitative data, it offers a comprehensive overview, highlighting growth prospects and providing valuable insights into competitors, helping both established companies and new entrants navigate the current market landscape.
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What are the key drivers influencing the growth of the Molybdenum (Mo) market?
This section provides a detailed analysis of the market drivers and factors is explored thoroughly below.
Increasing Global Steel Production – The rise in steel production is the primary driver for molybdenum usage in the Global Molybdenum Market, it is to the point that 71% of the molybdenum was consumed in the production of various steel grades, amounting to 447.3 million pounds (184,058.4 metric tons) in 2023. The steel production will pick up its pace with the rise in demand. According to the World Steel Association, the short-term forecast for steel demand accounts for an increase of 2.96% from 1,599.4 million metric tons in 2023 to 1,646.7 million metric tons in 2025. Also, as the inflationary pressure on the global economy wanes due to high interest rates by the central banks over a prolonged period, any interest rate cut can lead to economic recovery boosting the steel demand. For instance,
- In June 2024, the European Central Bank lowered its interest rate by 25 basis points. The expectation for this resulted in a slight increase in production from April on a YoY basis. However, with the announcement, a significant rise in steel production of 5.1% on a YoY basis for June was observed in the European Union, this continued with the increase of 5.7% for July month yearly.
The decision to cut interest rates by major economies as the inflationary pressure declines can promote massive recovery in the global economy. This can lead to a rise in steel demand and production leading to growth in the Global Molybdenum Market.
How is the Molybdenum (Mo) market segmented and what are the key factors within each segment?
The Molybdenum (Mo) market has been further segmented into distinct categories. Analyzing growth within these segments allows you to identify niche opportunities, develop targeted strategies, and understand the variations in your core application areas and target markets.
By Application
- Electric Conductivity- Market Size & Forecast 2019-2030, Thousand Tons
- Imaging- Market Size & Forecast 2019-2030, Thousand Tons
- Metal Alloys- Market Size & Forecast 2019-2030, Thousand Tons
- Catalyst- Market Size & Forecast 2019-2030, Thousand Tons
- Others- Market Size & Forecast 2019-2030, Thousand Tons
By End-User
- Oil & Gas- Market Size & Forecast 2019-2030, Thousand Tons
- Chemical & Petrochemical- Market Size & Forecast 2019-2030, Thousand Tons
- Electronics- Market Size & Forecast 2019-2030, Thousand Tons
- Iron & Steel- Market Size & Forecast 2019-2030, Thousand Tons
- Energy & Power- Market Size & Forecast 2019-2030, Thousand Tons
- Others (Aerospace & Defense, etc.)- Market Size & Forecast 2019-2030, Thousand Tons
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
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Who are the Key Market Players in the Molybdenum (Mo) industry?
The competitive landscape of the Molybdenum (Mo) market provides a detailed look at the key players in the industry. This includes an overview of each company, their financial performance, revenue generation, and market potential. It also covers their investments in R&D, new market initiatives, production facilities, and strengths and weaknesses. Additionally, the analysis looks at recent product launches, approvals, the range of products offered, their dominance in different applications, and the product life cycle. All of this information is specifically focused on how each company is positioning itself within the market.
Several key players are actively operating in the market, including
- Multi Metal Development Limited
- Anglo American
- BHP (Peru Antamina)
- Antofagasta PLC
- Centerra Gold Inc.
- CMOC Group
- Codelco
- Freeport-McMoRan (Climax Molybdenum)
- Grupo Mexico
- Plansee
- Rio Tinto
- Zijin Mining Group Co., Ltd.
- ABSCO Limited
Market Advancement by Leading Companies:
- May 2024: Anglo American is planning to invest more than USD 80 million in Peru. This step is regarding the company looking to add six-ore floatation cells for better copper and molybdenum recovery.
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